从营收结构看，汽车、汽车相关产品及其他产品业务的收入约为6173.82亿元，占总收入的79.45%，同比增长27.70%，依旧是公司营收的主要来源。手机部件、组装及其他产品业务的收入约为1596.09亿元，占总收入的20.54%，同比增长34.60%。1. In 2024, BYD's total revenue reached 777.102 billion yuan, a year-on-year increase of 29.02%; the net income attributable to the shareholders of the listed company reached 40.254 billion yuan, a year-on-year increase of 34%. 2. In 2024, BYD sold a total of 4.2721 million vehicles, a significant year-on-year increase of 41.26%. 3. BYD's asset-liability ratio in 2024 was 77.55%, a slight decrease compared to the end of the previous year.
On March 24, according to the Financial Network (journalist Xu Hao), after the trading session, BYD became the first A-share complete vehicle listed company to release its Earnings Reports for 2024. As a leading complete vehicle enterprise, BYD delivered its best Earnings Reports ever—annual revenue first exceeded 700 billion yuan, and net income nearly matched Tesla's 7.1 billion US dollars during the same period.
The Earnings Reports show that BYD's total revenue for 2024 reached 777.102 billion yuan, a year-on-year increase of 29.02%; the net income attributable to the shareholders of the listed company reached 40.254 billion yuan, a year-on-year increase of 34%.
In terms of revenue structure, revenue from Autos, auto-related products, and Other Products business was approximately 617.382 billion yuan, accounting for 79.45% of total revenue, with a year-on-year increase of 27.70%, remaining the main source of revenue for the company. Revenue from mobile phone components, assembly, and Other Products business was approximately 159.609 billion yuan, accounting for 20.54% of total revenue, with a year-on-year increase of 34.60%.
Behind BYD's improved profitability is the combined effect of multiple factors. On one hand, BYD's product market competitiveness continues to increase, and the realization of scale effects has lowered the unit product cost, thereby increasing profit margins. In 2024, BYD's New energy Fund sold a total of 4.2721 million vehicles, a significant year-on-year increase of 41.26%.
At the same time, BYD's growth in overseas sales has also enhanced its product premium capability. Data show that in 2024, BYD's total overseas sales reached approximately 0.4147 million vehicles, a year-on-year increase of approximately 71%. The Earnings Reports specifically mentioned that BYD achieved strong growth in overseas sales in 2024, while factories in Uzbekistan and Thailand were gradually put into production; the self-built fleets "EXPLORERNO.1" and "BYDCHANGZHOU" were successively put into use. By the end of last year, BYD's New energy vehicles had entered six continents and over 100 countries and regions globally. BYD's offshore market revenue reached 221.884 billion yuan in 2024, accounting for 28.55%, with a year-on-year increase of 38.49%.
On the other hand, continuous optimization of supply chain management and increased production efficiency have further reduced BYD's unit product costs. In 2024, BYD's cost per vehicle decreased by 14% year-on-year, and the gross margin increased to 22.3%, an increase of 4.1 percentage points compared to last year, higher than Tesla's 18.7%.
The fundamental driving force behind the enhanced profitability is BYD's vertically integrated capabilities and R&D investment accumulated over the years. The Earnings Reports show that in 2024, BYD's R&D investment reached 54.2 billion yuan, exceeding the annual net income, continuing the historical tradition of "R&D investment exceeding net income" (for 13 out of the 13 years from 2011 to 2024). High-intensity R&D supported technologies such as the e-platform 3.0Evo, fifth-generation DM, and three-party easy, Tian Shen’s Eye, and megawatt flash charging technologies for electric drive platforms, vehicle control, intelligent driving, and charging fields. Among them, the "Xuanji" architecture realizes an efficient integration of electrification and intelligence, while the high-level intelligent driving assistance system "Tian Shen's Eye" addresses BYD's previous shortcomings in intelligence.
The Earnings Reports show that BYD's net cash flow from operating activities was 133.453 billion yuan, although it decreased by 21.37% from last year's 169.725 billion yuan, it still maintains a high level. In terms of solvency, BYD's debt-to-asset ratio in 2024 is 77.55%, a slight decrease compared to 77.86% at the end of last year. As of the end of 2024, BYD's interest-bearing liabilities decreased from 36.55 billion yuan in 2023 to 28.58 billion yuan, accounting for 4.9% of total liabilities. According to Wind Statistics, as of the end of 2024, the days payable outstanding for BYD was 127 days.
At the same time as the release of the 2024 Earnings Reports, BYD is intensively entering the technology and product release phase. In addition to the 'Tian Shen Zhi Yan' smart driving system released in February of this year, in March, the smart car-mounted Drone system developed in cooperation with DJI and the 'Megawatt Flash Charging' technology that can achieve a peak charge of 1 kilometer of energy replenishment in 1 second were successively unveiled. In terms of products, from March 21 to March 31, the new cars that have been or will be launched include five models: Tengshi N9, Qin L EV, Haiying 05 EV, Yangwang U7, and Fang Chengbao Titanium 3, covering four major brands of BYD (Dynasty, Ocean), Tengshi, Yangwang, and Fang Chengbao.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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